Funding 365 has revamped its Ground Up Development product, with rolled interest rates now starting from 0.74% per month for residential schemes across England and Wales.
The specialist lender is targeting smaller development projects, with facilities available from £250,000 to £3m and terms of either 12 or 18 months.
For 12-month facilities, rates start at 0.74% per month up to 60% net day-one LTV, rising to 0.79% up to 65% LTV and 0.84% up to 70% LTV.
Funding 365 says improvements to its own funding arrangements have enabled it to enhance the proposition.
UP TO 85% LTC
Development works are funded in arrears up to 65% gross loan-to-GDV and 85% net loan-to-cost.
The lender will consider borrowers across all levels of development experience, as well as applicants with adverse credit and foreign nationals with a solid UK credit footprint.
The product carries a 2% arrangement fee and 1% exit fee, alongside legal, valuation and monitoring costs.
‘COMPELLING PROPOSITION’
Mike Strange (main picture), director at Funding 365, says: “Recent improvements to our funding have allowed us to significantly enhance our ground up development offering.
“We believe that our new low interest rates and rolled interest structure when paired with our award-winning service will provide an extremely compelling proposition to brokers and borrowers alike.
“For credit backed terms within one hour, we encourage everyone to contact our underwriting team directly.”
